eFront demonstrates tremendous growth in North America
73% increase in H1 revenues - eFront global H1 revenues rise by 41%
eFront, a leading software provider of financial solutions for alternative assets, posted global H1 revenues that show an increase of 73% in North America. Revenues of $5.2 million reflect outstanding growth in the region and support global growth of 41%, with revenues totalling $24 million.The relative contribution of North American revenues to the Group’s total revenues has increased from 12% to 24% in 2 years.
This growth is the result of several significant new contracts signed with general partners and limited partners in North America as well as product innovation and strong investment in human resources. The appointment of Eric Bernstein as COO, and most recently, Vineet Singh as Product Manager, has enhanced eFront’s presence in the region. In addition eFront has won seven new clients in 2011, including the leading private equity firm GTCR.
The private equity market has demonstrated a strong need for robust technology especially in the front office, and eFront has successfully responded to firms’ demands. As the North American market continues to mature, eFront expects to see results continue to improve throughout 2011.
Eric Bernstein, COO of eFront, North America, comments: “North America represents a very significant business opportunity for eFront; investing in our presence in the region demonstrates to our existing and new customers that we provide first class solutions and services. We will continue to strongly commit to the North American region and pursue this incredible growth.”